Asymmetric Effects of Monetary Policy in Regional Housing Markets†

被引：6
|
作者：
Aastveit, Knut Are [1 ,2 ]
Anundsen, Andre K. [3 ]
机构：
[1] Norges Bank, Res Dept, Oslo, Norway
[2] BI Norwegian Business Sch, Oslo, Norway
[3] Oslo Metropolitan Univ, Housing Lab, Oslo, Norway
来源：
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2022年 / 14卷 / 04期
关键词：
RESIDENTIAL LAND; LOSS AVERSION; PRICE; INVESTMENT; MODEL; IDENTIFICATION; CONSTRAINTS; EFFICIENCY; SURPRISES; DYNAMICS;
D O I：
10.1257/mac.20190011
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The responsiveness of house prices to monetary policy shocks depends on the nature of the shock-expansionary versus contractionary-and on local housing supply elasticities. These findings are established using a panel of 263 US metropolitan areas. Expansionary monetary policy shocks have a larger impact on house prices in supply-inelastic areas. Contractionary shocks are orthogonal to housing supply elas-ticities. In supply-elastic areas, contractionary shocks have a greater impact on house prices than expansionary shocks do. The opposite holds true in supply-inelastic areas. We attribute this to asymmetric housing supply adjustments. (JEL E32, E43, E52, R21, R31)
引用
收藏
页码：499 / 529
页数：31
相关论文
共 50 条
  • [1] Monetary policy, housing, and heterogeneous regional markets
    Fratantoni, M
    Schuh, S
    [J]. JOURNAL OF MONEY CREDIT AND BANKING, 2003, 35 (04) : 557 - 589
  • [2] Asymmetric monetary policy effects on cryptocurrency markets
    Thai Vu Hong Nguyen
    Binh Thanh Nguyen
    Kien Son Nguyen
    Huy Pham
    [J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2019, 48 : 335 - 339
  • [3] Monetary policy and bubbles in the national and regional UK housing markets
    Tsai, I-Chun
    [J]. URBAN STUDIES, 2015, 52 (08) : 1471 - 1488
  • [4] Housing markets and unconventional monetary policy
    Rahal, Charles
    [J]. JOURNAL OF HOUSING ECONOMICS, 2016, 32 : 67 - 80
  • [5] A Study on Asymmetric Regional Effects of Monetary Policy in China
    Wu, Qunli
    Lu, Fangfang
    [J]. 2014 INTERNATIONAL CONFERENCE ON BUSINESS AND FINANCE (BF 2014), 2014, 3 : 9 - 14
  • [6] Monetary policy implications of housing shift-contagion across regional markets
    Huang M.C.
    [J]. Journal of Economics and Finance, 2014, 38 (4) : 589 - 608
  • [7] Overvaluation in Australian Housing and Equity Markets: Wealth Effects or Monetary Policy?
    Fry, Renee A.
    Martin, Vance L.
    Voukelatos, Nicholas
    [J]. ECONOMIC RECORD, 2010, 86 (275) : 465 - 485
  • [8] Monetary policy influences in Australian housing markets
    Costello, Gregory
    Fraser, Patricia
    MacDonald, Garry
    [J]. INTERNATIONAL JOURNAL OF HOUSING MARKETS AND ANALYSIS, 2015, 8 (02) : 265 - 286
  • [9] The Asymmetric Impact of Monetary Policy on Currency Markets
    Lobo, Bento
    Darrat, Ali
    Ramchander, Sanjay
    [J]. FINANCIAL REVIEW, 2006, 41 (02) : 289 - 303
  • [10] The Distributional Effects of Monetary Policy: Evidence from Local Housing Markets in Australia
    La Cava, Gianni
    He, Calvin
    [J]. AUSTRALIAN ECONOMIC REVIEW, 2021, 54 (03) : 387 - 397
12345